Iida Group Holdings, is prepared to invest between $380 million and $450 million in the new resort, with plans to recoup their capital in five to seven years
This article originally appeared in The Moscow Times
One of Japan's largest residential development companies is prepared to build a large resort complex on an island in Russia's Far East, newspaper Kommersant reported, as neighboring Asian countries increasingly move to invest in the underdeveloped region.
The resort on Russky Island near the far eastern city of Vladivostok would include a residential complex and a resort with a golf course for summer vacationers and mountain skiing area for the winter season, Sergei Kachayev, a deputy minister for the development of the Far East, told Kommersant.
An unidentified source said that the Japanese firm, Iida Group Holdings, is prepared to invest between $380 million and $450 million in the new resort, with plans to recoup their capital in five to seven years.
The island, which has served as a military base since the tsarist era, became more accessible following the construction of a bridge connecting it to the mainland for the Asia-Pacific Economic Cooperation (APEC) summit in 2012.
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